SEC announces IFRS roundtable

by AccountingWEB on Apr 21 2011printer friendly

The Securities and Exchange Commission has announced that it will sponsor a roundtable in July to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers.

The July 7 event will feature three panels representing investors, smaller public companies, and regulators. The panel discussions will focus on topics such as investor understanding of IFRS and the impact on smaller public companies and on the regulatory environment of incorporating IFRS.

“We must carefully consider and deliberate whether incorporating IFRS into our financial reporting system is in the best interest of U.S. investors and markets,” said SEC Chief Accountant James Kroeker. “This roundtable will provide an excellent opportunity for investors, preparers, and regulators to provide the SEC staff with valuable information that will help the Commission in its ongoing consideration of incorporating IFRS.”

The roundtable will be held in the auditorium at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C. A final agenda including a list of participants and moderators will be published closer to the event date. The roundtable will be open to the public with seating on a first-come, first-served basis, and will be available via webcast on the SEC website.

The SEC staff welcomes feedback on the topics to address at the roundtable and suggestions for potential roundtable participants. Submissions to the Commission may be made either on paper or electronically; please use only one method.